BYLAW - Borrowing By law - 19690217 - 182669l~---~•w _
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BY-LAW NUMBER 1826 -69
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
A BY-LAW TO AUTHORIZE THE BORROWING OF $189,678.55 FROM
CENTRAL MORTGAGE AND HOUSING CORPORATION AND TO PROVIDE
REPAYMENT THEREOF.
WHEREAS A CONVERSION OF THE EXISTING ACTIVATED SLUDGE SEWAGE
TREATMENT PLANT IS NECESSARY WITHIN THE TOWN OF AURORA;
AND WHEREAS on the 26th. day of October 1967, the Ontario
Municipal Board approved the Project at an estimated cost
not to exceed $359,840.00;
AND WHEREAS Central Mortgage and Housing Corporation has
authorized a loan in the amount of Two Thirds of the cost of
the Sewage Disposal part of the Project;
AND WHEREAS it is deemed necessary and expedient to repay the
loan from Central Mortgage and Housing Corporation in equal
annual payments of principal and interest during the twenty
years next after the completion of the Project;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
AURORA ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow
from Central Mortgage and Housing Corporation the sum of
$189,678.55 and shall issue a Debenture therefore in the
form as set out in Schedule "A" to this By-law. This
Debenture shall bear interest at the rate of (i-.375 per cent
computed semi-annual.
2. The Debenture shall be dated the First day of November,
1968 and shall be payable in Twenty (20) annual instalments
on the First day of November in each of the years 1969 tp.
1988 inclusive.
3. The Debenture shall be payable as to both principal
and interest in lawful money of Canada at the Bank of Monteal
in Aurora, or at the principal office of said Bank in Toronto
or Ottawa.
4. The Debenture shall be sealed with the Seal of the
Corporation_and signed by the Head of the Council or by some
other person authorized by ay-law to sign same and by the
Treasurer.
5. Commencing in the year 1969 and thereafter in each year
in which a payment of principal under this By-law and interest
thereon becomes due, the Council shall levy and raise in that
year an amount sufficient to pay the Principal and Interest by
a special rate over and above all other rates on all ratable
property in the Municipality.
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6. The Debenture may contain a Clause providing for the
~~~· registration thereof pursuant to Section 323 of the Ontario
Municipal Act.
7. PROVIDED that this Corporation shall have the right, at
its option, of redeeming this debenture upon payment of the
~~.principal amount owing hereunder together with interest
accrued to the date of redemption and upon giving previous
notice of the intention of the Corporation to redeem by
advertising once in the Ontario Gazette and once in a daily
newspaper of general provincial circulation published in the
City of Toronto, and once in a local newspaper, such notice
to be advertised as aforesaid at least thirty days before
the date fixed for redemption. Notice of intention so to
redeem shall also be sent by post at least thirty days prior
to the date set for sueh redemption to the person in whose
name the debenture so to be redeemed is registered at the
address shown in the Debenture Registry Book •
. s. Pending the sale or disposition of the Debenture, the
Head of the Council and Treasurer may raise for the purpose
aforesaid by way of a loan on such Debentur~~y sum or sums
of money not exceeding in all the sum hereby authorized to be
borrowed and may hypothecate such Debentures for such loan.
READ A FIRST AND SECOND TIME THIS;~~DAY OF JANUARY, 1969.
UAYORf!Md CLERK
READ A THIRD TIME AND FINALLY PASSED THIS17DAY OFFEBRUARY ,1969.
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PAYMENT
NUMBER
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
/
'/scHEDULE "A"
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BY-LAW NO, 1826-69
TOWN OF AURORA
REPAYMENT SCHEDULE
)
$189,678.55 - 6 3/8% - 1 to 20 YEARS
DATE
DUE PRINCIPAL INTEREST / TOTAL
) ;),_ 0 ~J. 0 ' ... · /1:. 7 '?f/.8 'f
November 1,1969 $ 4,897.83 $ 111, La{ 139/$ J..6 /47<h 62
November 1,1970 5,215,04 11,967.51 17,182.55
November 1,1971 5,552.80 11,629.75 17,182.55
November 1,1972 5,912.43 p,270.12 17,182.55
November 1,1973 6,295.35 10,887.20 17,182.55
November 1,1974 6,703.08 10,479.47 17,182.55
November 1,1975 7,137.21 10,045.34 17,182.55
November 1,1976 7,599.46 9,583.09 17,182.55
November 1,1977 8,091.65 9,090.90 17,182.55
November 1,1978 8,615.71 8,566.84 17,182.55
November 1,1979 9,173.71 8,008.84 17,182.55
November 1,1980 9,767.86 7,414.69 17,182.55
November 1,1981 10,400.48 6,782.07 17,182.55
November 1,1982 11,074.08 6,108.47 17,182,55
November 1,1983 11,791.31 . 5,391.24 17,1~2.55
Nov~fuber 1,1984. 12,554.98 ,4,627.57 17,182.55
Nov.~mber 1,1985 13,368.12 3,814.43 17,182.55
Notember 1,1986 14,233.92 2,948.63 1'7;182.55
Nfvember 1,1987 15,155.79 2,026.76 17,182.55
fovember 1,1988 16,137.74 1,044~~1 17,182.55
$189,678.55 ~~41.9'7
lSJ, 171,7'f 343, 4Si63.7
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BEFO!l.Et
H. E. ROBERTS,
Vice...Chairman
-and-
J. V. LODGATE 1
Mellllber
ONTARIO
ONTARIO MUNICIPAL BOARD
IN THE ~fAT'l'!\1i OF section 58 of'
The Ontario Municipal Board Act •·
(R.s.o. 1960, c. 274)
-and -
IN THE ~1AT'l'ER OF an application
by The Corporation of the Town
of Aurora for approval or By•law
1826-69 passed on the 17th d!l;Y of
February, 1969 provid.ing .for the
issue of debentures in the amount
ot ~189,678.55 for the purpose
set forth therein
)
)
) J.l'riday 1 the 2Sth day of
)
) f-lARCH 1 1969
~
THE BOARD ORDERS, under and in P!lrsuanee of the legislation
hereinbefore referred to 1 and ot eny end all other powers vested
in the Board, that the said ftr-law 1826-69 'be end the s11111e is
hereby approved.
0. B. No. ~-N1i:tJ· · ·
Folio Ne ..... c .................................. .
'R,\D " i '\060 ho:--u \. 0 .;:>
ONTARIO
THE ONTARIO MUNICIPAL BOARD
IN THE MATTER OF Section 64 of
Tfte Oqjar·~ Hunicipa1 Boarg Act, (.s.o. l~~o, c. 274, and
Section 379(1}52 of Tge ~ioiR!l m, (R.s.o .• 196o, c. 249
-and -
IN THE MATTER OF an application
by The Corporation of the Town
of Aurora for approval of the
conversion of the existing 1.0
MED conventional activated sludge
sewage treatment plant to A 1.g5
MED contact stabilization activated
sludge plant including laboratory
equipment; and of the borrowing
of the. sum of $359,g4o.oot being
the estimated cost thereor
B Jl: F 0 R E :
J. A. KENNEDY, Q.C.,
Chairman
-and -
A. H. ARRELL, Q.c.,
Vice .. Ohairrnan
THURSDAY, the 26th day
of OCTOBER, 1967
THE BOARD ORDERS, under and in pursuance of the legis ..
lation hereinbefore referred to, and of any and all other
powers vested in the Board, that the said application be
and the same is hereby granted, and that the corporation
may now proceed with the said undertaking and for such
purpose may pass a by-law authorizing the said undertaking
an~ all other requisite by-laws, including by-laws provid-
ing for the issue of debentures in a principal amount not
exceeding $359,840,00 repayable over a term ot not more
than twenty years, and may borrow money to the extent
sufficient to provide an amount not exceeding $.359,84,0.00
therefor, provided:
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ONTARIO
THE ONTARIO MUNICIPAL BOARD G 3529-67
-2 -
1. that any by•law authorizing the said under-
taking is passed by a three-fourths vote of
all members of the council of the said cor•
poration, and
2. that the said corporation may borrow the whole
or any part of the said sum of $359 1 840.00 as
required pending receipt of subsidies and the
sale of debentures• or of moneys to be received
from any other source, and
). that the amount to be debentured shall not ex-
ceed in any event the net cost to the corpora-
tion after deducting any grant or contribution
from the Province of Ontario or from any other
source in respect of the said work, and
that the corporation in exercising any of its
powers approved by this order shall comply
with all statutory and other legal require-
ments related thereto.
SECRE'l'ARY
0. B. No. ~--~-~-~;~9 ........ . F~lio No ................... ~~········
OCT 2 7 1967